I 'bought' my Mini on the mini select finance from my local dealer in October 2011, the retail price was approx £9k. The model is a 2008 hatch, yellow, pepper pack and had 21k miles on the clock.
I returned to my local dealer this afternoon to just get an idea of what options I had in regards to upgrading. However, as the new hatch model was released earlier this month, I was told the value of my car was starting to depreciate quicker than it would have done had the new model not been released. (Unless I've been a fool to believe that).
The valuation I was given was £5k, the car is in good condition with 41k miles on the clock. Recently passed it's MOT and has new tyres/brakes last year.
I still owe about £5.2k on my finance, meaning I'm already in negative equity. They played about with some figures for me based on a mini they have with the spec I'm looking for. This was a 2011 mini hatch, pepper pack, 30k miles and mini TLC. I'd need to put a deposit down of approx £650 for the monthly payments to come back at £199, an increase of £50 a month.
I'm just wondering what peoples opinions are. It makes sense for me to upgrade (sort of), but it's extra expense each month. I could afford to put a slightly higher deposit down, which would reduce the monthly amounts.
As much as I adore my mini, I just think for £199 a month I could get another make car with a higher spec. However, as the cars value and the amount I owe is pretty much evens I'm left without a deposit (unless I save for a while). On the other hand, I could wait 6-8 months but the guys said the value of my car may drop even more so the amount I owe is even more than the value.
I have no idea what to do...